NEW YORK CITY — New York City-based Walter & Samuels has secured $165 million for the refinancing of 15 Madison Square North, a residential condominium conversion project located at 15 E. 26th St. in the Flatiron District of Manhattan, New York City. A majority of the $165 million construction loan will be used by the borrower, Madison Park Owner LLC, to pay off the property’s existing acquisition and construction loans, which are held by Deutsche Bank. The remaining $31 million will be used to complete the conversion of the four remaining residential floors, as well as additional property amenities. David Berley, Steve Forest and Peter Weiss of Walter & Samuels originated the transaction on behalf of the borrower through Wells Fargo. The 15 Madison Square North project will feature 73 one- to five-bedroom residences. In addition, longstanding New York restaurant San Domenico will relocate to the building in 2009 from its previous location in the city’s Central Park South neighborhood; it will carry the new name SD26.
ISELIN, N.J. — Parsippany, N.J.-based SJP Properties is set to develop Metropark Corporate Center, a 10-story, Class A office tower located at the intersection of Wood Avenue South and Middlesex-Essex Turnpike, adjacent to the Metropark Train Station, in Iselin. The 300,000-square-foot building, along with a five-story parking garage, will be constructed within the Metropark office campus. SJP will also pursue LEED certification for the development from the U.S. Green Building Council. Metropark Corporate Center has received final site approvals, and construction will commence immediately after leasing goals are reached.
MANCHESTER, N.H. — Eckman/Suffolk, a joint venture between Bedford, N.H.-based Eckman Construction Co. and Boston-based Suffolk Construction Co., has been selected to construct Elliot at River’s Edge, an $87 million ambulatory care center located on the former Jac Pac site off Queen City Avenue in Manchester. Construction will consist of a four-story, 236,000-square-foot facility and an 800-space parking garage. The project will include facilities for urgent care, diagnostic imaging, breast health, endoscopy, pain management, physical rehabilitation, pulmonary rehabilitation, laboratory services and durable medical equipment, as well as the Elliot 1-day Surgery Center. Demolition and site preparation are expected to begin in October, with vertical construction scheduled to commence in January 2009. The hospital is slated to open in 2010. It is being developed by Elliot Health System and The Anagnost Companies. The Elliot at River’s Edge is part of a 17-acre project that will also include a medical office, retail and residential components.
WAYNE, PA. — Philadelphia-based Razak Co. has completed Pembroke North, a three-building, 54-unit residential condominium project located in the Philadelphia suburb of Wayne. The community features one-, two- and three-bedroom residences ranging in size from 1,273 to 2,632 square feet. Prices range from $500,000 to more than $1 million. The project has also registered for LEED certification; sustainable features include windows designed to maximize natural light, energy-efficient appliances, sustainable building materials, and geothermal heating and cooling systems. Pembroke North was designed by Philadelphia architect Robert Venturi.
SWATARA, PA. — Reno, Nev.-based DP Partners has acquired a 100,000-square-foot warehouse/office flex property located at 7917 Derry St. in Swatara, a suburb of Harrisburg, Pa. Renamed LogistiCourt at Derry Street, the facility features 18-foot clear ceiling heights, 5-inch thick, reinforced concrete slabs, gas-fired heating units, one dock and one drive-in door for each 4,000 square feet, and 223 parking spaces. Julie Trogner of Lemoyne, Pa.-based RSR Realtors represented DP Partners in the transaction; the seller was Harrisburg-based Triple Crown Corp., which also constructed the facility. The acquisition price was not disclosed. Additionally, two tenants have already signed leases at the facility. Indianapolis-based Ace Mobility Products will occupy 8,000 square feet, including 3,000 square feet of office space, as its regional office, showroom and service facility. Enola, Pa.-based Pyramid Construction Services will occupy 4,000 square feet for its warehouse and shop.
EGG HARBOR, N.J. — Port Washington, N.Y.-based Cedar Shopping Centers has taken out a $21 million bridge loan for Shore Mall, a 626,133-square-foot retail property located in Egg Harbor. Situated on 73.27 acres, Shore Mall consists of an enclosed regional shopping center anchored by Boscov’s Department Store and Burlington Coat Factory. The property also includes an adjacent 50-acre land parcel located at the intersection of The Garden State Parkway and Blackhorse Pike. The financing is for a 36-month term and carries an adjustable interest rate. The transaction was originated by John Taylor and Jim Cardranell with the New Jersey office of Holliday Fenoglio Fowler. The lender was Oritani Savings Bank, which was represented by David Garcia.
NEWARK, N.J. — Tucker Development Corp. has released the plans for Liberty Plaza, a $150 million office project located in Newark. Plans for Phase I call for the construction of a 22-story, 430,000-square-foot office tower. Amenities will include more than 750 parking spaces, dining areas, a rooftop garden, a fitness center, a banking facility and retail space. At full build-out, the project will have the capacity for more than 1 million square feet. Liberty Plaza will be situated on 3.5 acres adjacent to the New Jersey Transit Broad Street rail station. It will offer tenants an Urban Transit Hub Tax Credit, and is also located within Newark’s Urban Enterprise Zone. The project is being designed by RMJM Hillier.
NEW YORK CITY — Completion is nearing for major capital improvements at St. Ambrose Magnolia Apartments, a Section 8 housing community located at 686 Lafayette St. and 210 Kosciusko St. in the Bedford-Stuyvesant neighborhood of Brooklyn, New York City. The community consists of two identical buildings that contain 51 three- and four-bedroom units each. Upgrades include new lighting and painting throughout common areas; the redesign and renovation of an 800-square-foot community room at the Kosciusko Street building; new boilers, upgrades to the buildings’ plumbing and electrical systems; the installation of GFI outlets; new roofs; the restoration of parapets; and new asphalt and striping for the parking area. The project also aims to fix 177 building code violations for the community. The project is being designed and managed by Lester Evan Tour Architect; Manda International is serving as general contractor. Completion is scheduled for early fall.
PITTSBURGH — NorthMarq Capital has arranged a $27.25 million first-mortgage loan for Club at North Hills, a 372-unit multifamily property located in Pittsburgh. Terms of the financing include a 7-year term and a 30-year amortization schedule. Sam Berns of NorthMarq’s Upstate New York office arranged the financing on behalf of the undisclosed borrower through AmeriSphere Multifamily Finance. The transaction represented an additional draw down on an established Fannie Mae credit facility.
FREEPORT, MAINE — The L.L. Bean Hunting & Fishing Store, a specialty store located on the retailer’s Freeport campus adjacent to the L.L. Bean Flagship Store, has been awarded LEED-Silver certification from the U.S. Green Building Council. Sustainable features include recycled construction materials, stormwater management systems, energy-efficient windows and low-flow fixtures. In 2006, L.L. Bean committed to build all of its new projects to LEED standards; The Hunting & Fishing Store marks the retailer’s sixth LEED-registered project and the first to be awarded certification. The project is also the first LEED-certified retail project in the state of Maine.